Charleston, SC Posts

Myth #1: All agents are the same.

The general public thinks that everyone that has a real estate license is the same.  The Rebac article* poses a great example: "Does everyone with a driver's license operate a vehicle the same way?  Of course not! Drivers approach the road differently. Realtors do vary considerably in their approach to their job as well." Some realtors are part time and do not take the job of assisting you in your most important investment seriously.  Real estate designations are another way to gauge agents that are serious about their job.  An agent with designations shows they are committed to learning to serve you better. REBAC further asks, "Would you rather hire an accountant or a certified accountant?" Just like sellers, buyers should squash this myth and interview at least three agents before you make an informed decision about who you want to work with. Preview my previous post about the Top 10 questions you should ask before hiring your next agent.  Many of these questions apply to buyers agents as well!

Michele Reneau is a full time realtor committed to you and your home search.  She has 4 years of experience and has assisted 150 families that demonstrate that experience, while the average realtor in Charleston only closes 6 properties.  She has demonstrated negotiating skills and has keen insight to identify hidden value in properties. As a Graduate of Realtor Institute (GRI) and an Accredited Buyers Representative (ABR), Michele is always learning new ways to better serve her clients. As a Certified Residential Specialist (CRS), Michele is among the top 3% of Realtors in the nation that have significant experience and demonstrated volume of real estate transactions, as well as complete rigorous educational requirements.  Michele takes her job seriously.  Click here to see what Michele's client say.

Stay tuned for more myths to come...

*The series is adapted from the REBAC article published October 2008, 10 Common Myths Shared by First Time Homebuyers in Buyer's Rep.

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Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.

Contact Michele Reneau, Realtor®, North Charleston, SC Relocation Expert, CRS, GRI, ABR. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase real estate in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market.  I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area Homes for Sale Click Here and then click on Search for Homes.  With over 25 years of Lowcountry Living, I know the Charleston Metro area. I will help you get your home sold and/or help you buy your Charleston home or land.

An article titled: "Homebuilders: Now is the time to buy" was published in the Charleston Business Journal on 10/24/08.  Homebuilders across the state are getting together to send out the message that the SC housing market is strong.  It made a good point that most of the serious housing problems are contained in many areas like California and Florida, etc.  Doug Woodward, professor of economics at the Moore School of Business at the University of South Carolina further adds that "South Carolina has less toxic subprime mortgages than most states. Actually, South Carolina has few fundamental problems with mortgages."

The article further stated that "South Carolina is considered to be the fifth-best housing market in the country because of fewer subprime mortgages, fewer foreclosures and home price appreciation."

This is wonderful news about South Carolina's housing market! While financing guidelines have tighten up, the money is still out there.  Banks are still lending but on different terms. State housing money is still available which allows buyers to obtain up to $5000 downpayment assistance from SC.  Couple this with amazing prices, low rates and the new $7500 tax credit ~ What are you waiting for?

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Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.

Contact Michele Reneau, Realtor®, North Charleston, SC Real Estate Relocation Expert, CRS, GRI, ABR, Carolina One Real Estate. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase of real estate in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market.  I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area Homes for Sale Click Here and then click on Search for Homes.  With over 25 years of Lowcountry Living, I know the Charleston Metro area. I will help you get your home sold and/or help you buy your Charleston home or land.

Last week, the Today Show, shared winners of Condé Nast Traveler Readers' Choice Awards.  You guessed  it,  Charleston, S.C. made the Top 3 list of Cities in the US!  Charleston, SC beat New York City out of the number 2 spot for best U.S. city to visit.  San Francisco remained number 1 and New York City fell to number 3.  Additionally, The Sanctuary at Kiawah Island, SC, about 20 minutes South of Charleston, was ranked #3 of Top Resorts on the Mainland U.S.  Pretty impressive for little ol' Charleston.  Charleston, SC is beautiful, historic, charming, hospitable and full of great restaurants, beaches, golf courses, shopping and more! Come and visit and you'll fall in love and want to relocate!

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Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.

Contact Michele Reneau, Realtor®, North Charleston, SC Relocation Expert, CRS, GRI, ABR. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase real estate in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market.  I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area Homes for Sale Click Here and then click on Search for Homes.  With over 25 years of Lowcountry Living, I know the Charleston Metro area. I will help you get your home sold and/or help you buy your Charleston home or land.

With the stock market not doing so well, I know many investors ready to put their money back into real estate where you can at least cash flow on the right investment and have a steady long term appreciation. Plus, they also agree on the buy low, sell high principle and they believe the real estate market is ripe for picking.  

I just heard that as of October 15, 2008, there are no longer any MI companies left willing to insure Investment Property transactions.  Due to these recent changes by all of the MI companies, there are no lenders who are able to accept any Investment Property loans with an LTV greater than 80% regardless of the investor guidelines, unless you already have an acceptable MI certificate from an MI Company in hand. Until further notice from all the mortgage insurance companies 80% financing on investment properties is the MAX.

Through tightening guidelines and reduction of loan programs we have already seen these restriction affect  potential primary homeowners. The real estate market will further be hurt by restrictions on well qualified investors who believe in the old adage of not putting all your eggs in one basket.  Dave Ramsey likes diversifcation to cow manure.  If you let manure sit in a pile, it stinks, but if you spread it around, it makes things grow.  Love it! On a side note, he also believes if a minimum 20% downpayment, but prefers CASH). Savy investors who want to spread it around will have to be selective.  It seems as though the real estate market is being punished by not being able to get rid of inventory.  Don't get me wrong.  Guidelines needed to be changed.  It's a shame that the pendulum has swung from one extreme to the other.  The mortgage industry has got to find a happy medium of lending guidelines. Would be homeowners have to get back to the basics and save money for a sizable downpayment.  Banks have learned their lesson with the 100% financing craze and there will not likely be a return to those days. How will the loss of MI on investment properties affect the real estate market?

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Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.

Contact Michele Reneau, Realtor®, North Charleston, SC Relocation Expert, CRS, GRI, ABR. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase real estate in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market.  I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area Homes for Sale Click Here and then click on Search for Homes.  With over 25 years of Lowcountry Living, I know the Charleston Metro area. I will help you get your home sold and/or help you buy your Charleston home or land.

Every business, whether real estate or not, goes through seasons.  Quite frankly, we experienced quite a long spring break and summer vacation during the hype of soaring prices and easy to get loans in the Charleston SC real estate market and most other places.  However with all of the changes, oversupply of inventory, tightening mortgage guidelines, lower consumer confidence just to name a few, we can say with certainty that WINTER is here.  The real estate party is over, and the hangover has set in.  During the party, there was quite a bit of overconsumption, overpurchasing and debt building.  During this winter season in our market and some businesses, it's time to get back to the basics.  Reevaluate your business and start developing a plan for where you'll plant the next seeds so they will grow and ripen come spring and summer.  First, the basics means establishing or renewing your core values for personal and business life.  It's time to determine what we need versus what we want, what is important and necessary like family, friends and helping others. That being said, it's time to dig ourselves out of the hole of debt, start saving money and get control over spending and consumption habits.  Dave Ramsey gives great advise about this! Rebalance in all these areas are necessary and readjustment is needed in order for the market to balance.  The economy is tied to consumerism but we have start living below our means so that emergency bailouts aren't necessary.  In that case, we need to have the emergency fund in place.  

There are many crisises we have all gone through.  My parent's first house in Charleston was financed at 14% interest rate, then a few years later, they refinanced at 9%.  Things could be worse than our current 6% rates.  In Charleston, we've faced Hurricane Hugo in 1989 and the Naval Base closure in 1993.  It seemed like the sky was falling, but we made it through.  The economy of Charleston bounced back in no time and stronger and look at us now.  We are one of the Top 10 BEST places to live in the US!  As a nation, how could we forget 9/11?  We have been through worse and we will get through it.  It's time to turn back to your faith, your determination to succeed and your ingenuity.  We are tough and will not be defeated....not as agents, businesses, not as Charlestonians, and not as Americans!  Just remember that nothing last forever.  We are going through a cycle.  And Spring always follows the winter in all things! 

Despite the declining market, the Charleston Relocation Experts Team is still experiencing sunshine despite the storm.  The market is tough out there but we are staying ahead of the market, on top of market trends and stats and still getting properties sold.  It's not easy, but together we will weather the storms of the market.  

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Michele Reneau - Military Relocation Specialist in Charleston, SC.

Rated number #1 featured Summerville, SC Realtor on Activerain.com. As Featured on HGTV's House Hunters. Publisher/Author for Charleston Real Estate Update  including featured monthly statistics on Charleston Real Estate Market.  Contact Michele Reneau, Realtor®, CRS, GRI, ABR, Carolina One Real Estate. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase a property in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home.  I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area Homes for Sale, visit www.CharlestonRelocationExperts.com and then click on Search for Homes.  With over 25 years of Lowcountry Living, I know the Charleston Metro area.

It is often that I am asked how the market is doing.  And the response from the public is yeah, I know a lot of realtors and they are getting a "real" job or a part time job.  I don't have a part time job. Real estate is my "real" job. I'm STILL a full time realtor. Yes, the market is tough, and no, I'm not getting another part time job.    

As a seller or buyer, it's important to evaluate who you select to represent you in your next transaction.  A real estate transaction is a detailed and complex process and it requires your agent's full time attention. The market is tough. The economy is tight. It may get worse before it gets better.  Are you willing to trust your next transaction to an agent that cannot service you full time?  Despite the negative media, houses are still selling.  What will it take for your house to be next?

Before you hire your next realtor to sell your house, here are the top 10 questions you need to ask.

•1.       Do you work as a full-time Realtor ? In the changing market, you want to make sure that your agent is focused on real estate full time.

•2.       How are you qualified to sell my house? i.e. What designations do you have? What sets you apart from the other 3600 realtors in the Charleston area? Not all agents are equal. Michele ranks in the top 4% of all realtor nationwide as a Certified Residential Specialist, among many other designations.  She also ranks in the top 1% of local realtors based on production.

•3.       How many homes have you personally sold in 2008? How many so far this year? How does that compare to the industry averages in my area?  Lots of agents were million dollar producers in 2003-2005 when it was easy.  You want to make sure that the agent you select has a strong personal sales track record in the changing market. The average agent last year closed 6 transaction.  Michele Reneau personally sold 51 homes in 2007, a declining market and so far in 2008, Michele is still busy and has already sold 33 homes. 

•4.       What Realtor networking and Internet marketing do you do? How does it go beyond placing a sign in my yard, a lockbox on the door, and notifying the Multiple Listing Service? I want an agent who knows how to find me a buyer, not one who simply puts my home in MLS and passively waits for something to happen.  Ask Michele about her 100+ point marketing plan.

•5.       What type of Brochure will you use? Do you do your own desk top publishing or hire a print shop? Will it be in color with pictures? May I see a sample? What kinds of other advertising do you do?   Ask for samples to view.

•6.       Do you have a way to market my home through the Internet or Virtual Tours? What websites will my home be seen on? Will it include multiple photos? Visit my website to see examples of Visual Tours. They are top notch and showcase your home.

•7.       What can you tell me about the real estate market in this area? I want to make sure my realtor is aware of the market conditions, not just in my neighborhood, but the surrounding area. What's selling, what's not? What is the average days on market for active and sold listings? Visit my newsletter describing the Charleston Real Estate market. It's updated every month.

•8.       Can you explain to me the absorption rate and the odds of selling my home in the next 30, 60, or 90 days? Michele Reneau will review this information with you based on your home and neighborhood.

•9.       How will you make my listing standout?  How are your photography skills or do you hire a professional? What will you say about my house to attract buyers to want to make an appointment? MLS photos and description are extremely important.  Ask for example from current and/or past listings.

•10.   Do you have dozens of buyer and seller references I can call? What do your clients say about your business and personal skills? Don't worry, I'll have a list ready for you.

As a seller, you need a realtor that understands the Charleston SC real estate market, has the knowledge and skills to help you market  your property, and can stand by you to get the job done by keeping you informed of market trends and market activity.  There are realtors that are true professionals and in this for the long haul. It's not going to be an easy market to sell or buy a home.  Make sure you ask these questions!

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Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.

Rated number #1 featured Summerville, SC Realtor on Activerain.com. As Featured on HGTV's House Hunters. Publisher/Author for Charleston Real Estate Update  including featured listings and sold properties, and monthly statistics on Charleston Real Estate Market.  The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina..  I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area Homes for Sale Click Here and then click on Search for Homes.  With over 25 years of Lowcountry Living, I know the Charleston Metro area.

I hope this is some real estate humor you can all appreciate! Hopefully it will not be the case on your street. I hope that by this time next year, we can all look back at this crisis and know the worst is behind us and that the future ahead is bright. 

One day a father of a very wealthy family took his son on a trip to the country with the firm purpose of showing his son how poor people can be. They spent a couple of days and nights on the farm of what would be considered a very poor family.

On their return from their trip, the father asked his son, "How was the trip?" "It was great, Dad." "Did you see how poor people can be?" the father asked. "Oh Yeah" said the son. "So what did you learn from the trip?" asked the father.

The son answered, "I saw that we have one dog and they had four." "We have a pool that reaches to the middle of our garden and they have a creek that has no end." "We have imported lanterns in our garden and they have the stars at night." "Our patio reaches to the front yard and they have the whole horizon." "We have a small piece of land to live on and they have fields that go beyond our sight." "We have servants who serve us, but they serve others." "We buy our food, but they grow theirs." "We have walls around our property to protect us, they have friends to protect them."

With this the boy's father was speechless. Then his son added, "Thanks Dad for showing me how poor we are."

Too many times we forget what we have and concentrate on what we don't have. What is one person's worthless object is another's prize possession. It is all based on one's perspective.

--

I was going through my old emails and found this to be an inspiration today.  I know that times are tough and the market is slower not just for agents, but for sellers as well.  The economy is tight and many things seem uncertain.  While I have been blessed with business, there are times when it is still very frustrating.  A good realtor friend of mine reemphasized that "Business or No Business, we are ALL still VERY BLESSED." To whom much is given, much is required.  There are many people, not just around the world, but even in the United States and in your city, that may not have as much as you to be thankful for.  I have a wonderful heavenly Father, an amazing husband, great family and friends, my health, a job and much more.  What are you thankful for today?

There are many pricing strategies, but after reading Why list with the #8?, I thought I'd throw it my 2 cents?

The common philosophy is to price a listing below a break because it sounds or looks better psychologically. For example instead of $270,000, price it at $269,900 or instead of $200,000, price it at $199,900.   

When it comes to pricing and you are close to a price break ($25,000, $50,000, $75,000 or $100,000), the price should be strategically placed at the break (at least initially). Hear me out on this. 

When I do a reverse prospect search for my listing, here's how the numbers break down:

At $419,900, we lose 21 prospects and at $434,900, we lose 27 prospects. By pricing the home at $425,000, we get the greatest exposure to the maximum number of prospects...in this case 114 prospects.  Here's why: First, when agents set up criteria on MLS for a buyer search, they set up brackets.  Second, when buyers search online at most major real estate websites, they are given the option of searching at $25,000 breaks.  By pricing the home at $425,000, you will capture buyers searching between $400,000-$425,000 AND buyers searching from $425,000-$450,000. Pricing it lower than $425,000 means you actually lose Buyer Prospects. We don't need to lose any prospects!!! So price it at the break if you can! Where are you going to price your next listing?

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Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.

Rated number #1 featured Summerville, SC Realtor on Activerain.com. As Featured on HGTV's House Hunters. Publisher/Author for Charleston Real Estate Update  including featured listings and sold properties, and monthly statistics on Charleston Real Estate Market.  The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina..  I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area Homes for Sale Click Here and then click on Search for Homes.  With over 25 years of Lowcountry Living, I know the Charleston Metro area.

It's been said that God first separated the salt water from the fresh, made dry land, planted a garden, made animals and fish... all before making a human. He made and provided  what we'd need before we were born. These are best & more powerful  when eaten raw. We're such slow learners... God left us a great clue as to what foods help what part of our body!

A sliced Carrot looks like the human eye. The pupil, iris and  radiating lines look just like the human eye... and YES, science now shows carrots greatly enhance blood flow to and function of the eyes.

A Tomato has four chambers and is red. The heart has four chambers and is red. All of the research shows tomatoes are loaded with lycopine  and are indeed pure heart and blood food.

Grapes hang in a cluster that has the shape of the heart. Each grape looks like a blood cell and all of the research today shows grapes  are also profound heart and blood vitalizing food.

A Walnut looks like a little brain, a left and right hemisphere, upper  cerebrum's and lower cerebellums. Even the wrinkles or folds on the nut are just like the neocortex. We now know walnuts help develop  more than three (3) dozen neuron-transmitters for brain function.

Kidney Beans actually heal and help maintain kidney function and yes,  they look exactly like the human kidneys.

Celery, Bok Choy, Rhubarb and many more look just like bones. These  foods specifically target bone strength. Bones are 23% sodium and these foods are 23% sodium. If you don't have enough sodium in your diet, the body pulls it from the bones, thus making them weak. These foo ds replenish the skeletal needs of the body.

Avocados, Eggplant and Pears target the health and function of the womb and cervix of the female - they look just like these organs.  Today's research shows that when a woman eats one avocado a week, it balances hormones, sheds unwanted birth weight, and prevents cervical cancers. And how profound is this? It takes exactly nine (9) months  to grow an avocado from blossom to ripened fruit. There are over 14,000 proteolytic chemical constituents of nutrition in each one of  these foods (modern science has only studied and named about 141 of  them).

Figs are full of seeds and hang in twos when they grow. Figs increase  the mobility of male sperm and increase the numbers of Sperm as well to overcome male sterility.

Sweet Potatoes look like the pancreas and actually balance the glyceric index of diabetics.

Olives assist the health and function of the ovaries

Oranges, Grapefruits, and other Citrus fruits look just like the mammary glands of the female and actually assist the health of the breasts and the movement of lymph in and out of the breasts.

Onions look like the body's cells. Today's research shows onions help  clear waste materials from all of the body cells. They even produce  tears which wash the epithelial layers of the eyes. A working companion, Garlic, also helps eliminate waste materials and dangerous free radicals from the body.

Pretty cool, huh?